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Nonprofiteer
← CANALE FOUNDATION INC

Form 990 for tax year 2022

Filed by CANALE FOUNDATION INC.

Totals

Total revenue
$249,415
Total expenses
$229,545
Contributions and grants received
$0
Grants paid
$113,500
Program service revenue
$0
Investment income
$249,415
Other revenue
$0
Total assets, end of year
$20,152,675
Total liabilities, end of year
$975
Net assets or fund balances, end of year
$20,151,700
Program services expenses (Part IX)
$182,556
Management and general expenses
$46,989
Fundraising expenses
$0
Program service expenses (Part III)
$182,556

Program services were 79.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $374,280 · excluded $374,280

  • 7b · Less cost or other basis and sales expenses

    securities $124,865

  • 7c · Gain or loss

    securities -$124,865

  • 7d · Net gain or loss

    total -$124,865 · excluded -$124,865

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $113,500 · program services $113,500

  • 11a · Fees: management

    total $68,536 · program services $68,536

  • 11b · Fees: legal

    total $20 · management and general $20

  • 11c · Fees: accounting

    total $3,625 · management and general $3,625

  • 11f · Fees: investment management

    total $29,619 · management and general $29,619

  • 11g · Fees: other

    total $13,725 · management and general $13,725

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $520 · program services $520

Balance sheet

Part X, book values.

  • 7 · Other notes and loans receivable

    beginning of year $8,963,135 · end of year $8,963,135

  • 12 · Investments: other securities

    beginning of year $11,099,199 · end of year $11,164,443

  • 15 · Other assets

    beginning of year $25,097 · end of year $25,097

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $975

  • 18 · Grants payable

    beginning of year $50,000

  • 27 · Net assets without donor restrictions

    beginning of year $20,037,431 · end of year $20,151,700

Mission and programs · 2022

Mission

THE PRIMARY EXEMPT PURPOSE OF THE ORGANIZATION IS TO ASSIST THE COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. IN CARRYING OUT ITS CHARITABLE MISSION.

  • THE FOUNDATION'S ONLY PROGRAM IS TO ACCEPT PROPERTY FOR USE EXCLUSIVELY FOR RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES PRIMARILY IN AND FOR THE BENEFIT OF MEMPHIS AND SHELBY COUNTY.

    Expenses $182,556 · Grants $113,500

As filed on the 2022 return.

Listed in Part VII

  • Robert M Fockler

    PRESIDENT & CEO

    Total calculated
    $414,155
    From this org
    $0
    From related orgs
    $361,278
    Other
    $52,877
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $361,278 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $22,377 related
    Filer's total
    $0 + $414,155 related

  • Barbara S Mora

    SECRETARY

    Total calculated
    $215,444
    From this org
    $0
    From related orgs
    $189,370
    Other
    $26,074
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $189,370 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $18,937 related
    Nontaxable benefits
    $0 + $7,137 related
    Filer's total
    $0 + $215,444 related

  • George Lumm

    TREASURER

    Total calculated
    $197,144
    From this org
    $0
    From related orgs
    $183,378
    Other
    $13,766
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $183,378 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,338 related
    Nontaxable benefits
    $0 + $428 related
    Filer's total
    $0 + $197,144 related

  • Veronica Jamison

    DIRECTOR

    Total calculated
    $166,497
    From this org
    $0
    From related orgs
    $145,022
    Other
    $21,475
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $145,022 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,327 related
    Nontaxable benefits
    $0 + $8,148 related
    Filer's total
    $0 + $166,497 related

  • William Reed

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Christopher W Canale

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Chip Dudley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Katheryn C Horne

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Colleen Canale

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alex Canale

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Amy Beth Dudley

    DIRECTOR

    Total calculated
    $114,256
    From this org
    $0
    From related orgs
    $96,685
    Other
    $17,571
    Hours/week
    1 + 37.5 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
9 August 2023
IRS schema version
2022v5.0
Source object
202312339349300716

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